Seabulk Acquires Newbuild PSV

Monday, January 20, 2003

Seabulk International, Inc. has purchased and delivered o the Seabulk Africa, a newbuild UT-755L platform supply vessel (PSV) built at the Simek Shipyard in Norway. The 5,500-horsepower, 236-ft. vessel will join the Company's West African fleet, which presently comprises 42 vessels ranging from crewboats to sophisticated anchor handlers. PSVs are large, multipurpose vessels used to ferry equipment, supplies and personnel to offshore platforms and rigs engaged in the production of crude oil and natural gas.
"This is a state-of-the-art vessel and the Cadillac of the industry," commented Hubert E. Thyssen, corporate vice president and senior vice president of marketing for Seabulk Offshore, the Company's offshore vessels subsidiary. "She is equipped with the latest technology, including dynamic positioning and firefighting equipment, and is ideally suited to the deepwater West African market. The Seabulk Africa will be the flagship of our West African fleet."
The Company also announced that it would bareboat charter, beginning in February 2003 and March 2003, respectively, two additional newbuild vessels from the Labroy Group in Indonesia for deployment in the Southeast Asia market. These two vessels -- the Seabulk Padamyar, a 3,800-horsepower anchor-handling tug/supply vessel, and the Seabulk Nylar, a 3,800-horsepower PSV -- have secured three-year contracts with two option years with a major international oil company.
"These two transactions, the purchase of the Seabulk Africa and the bareboat charter of the Seabulk Padamyar and Seabulk Nylar, exemplify our strategy of selectively augmenting our international offshore fleet with sophisticated new tonnage," commented Gerhard E. Kurz, chairman, president and chief executive officer of parent company Seabulk International. "In today's competitive environment, it is essential that we continue to provide our customers with the finest equipment available."
Wärtsilä tests first Wärtsilä 50DF dual-fuel engine